Picture this.
It’s 10 am on Monday and Mr Ramesh is on his way to work. He receives a call from the personal loan department at his bank. He politely informs the caller that he wishes not to be called again that day.
Two hours later, he is at his weekly meeting with his team when he receives another call. This time, it’s his bank calling him about his credit card upgrade.
This time he’s a little less polite. He tells his colleagues that it’s the second call from his bank in a day. His colleague Sam shared that he had a similar experience with the same bank the week before.
Cut to 5 pm.
Mr Ramesh is in a client meeting. His phone rings again. It’s his bank’s home loan department calling this time. But this time, it’s the final straw for him.
He hangs up – and makes a mental note to make the switch to another bank.
While not every day might look like this, and while not every customer might act like Mr Ramesh, here’s something to think about.
On average, a bank receives about two NDNC (National Do Not Call) complaints per day. Even if only one in ten irate customers decides to take action, the bank could inadvertently generate 20 irate customers daily through excessive calling. If just one in 10 of these disgruntled customers choose to go Mr. Ramesh’s way, the bank could face direct losses of up to 26.6 Cr a year, not to mention the indirect consequences of unhappy customers sharing their negative experiences.
A Comprehensive and Company-Wide Approach to Responsible Outreach
Responsible outreach is not just about adhering to mandates; it’s about
- Respecting the customer and their demands,
- Building trust with them, and
- Maintaining a positive brand image.
Forward-thinking companies should adopt and implement their responsible outreach policies, striking a balance between customer contact and responsible, regulated engagement.
These policies can include setting limits on the number of calls permitted to a customer within an hour, day, or month, based on their behavior and risk levels.
Here’s how it can work.
Centralized Internal Do-Not-Call List Across Campaigns:
The bank can maintain a centralized Do-Not-Call approach for outgoing calls that works across campaigns. This means that if a customer informs the loan department not to be contacted on a specific day, the credit card department won’t call the same day.
Real-Time Updates to the List:
The database can be continuously updated in real-time based on an agent’s interaction with the customer. For instance, if a customer explicitly opts out of calls for a specified duration, they are added to the internal Do-Not-Call list, preventing other campaigns or departments from contacting them.
Segmentation Based on Customer Risk Levels:
Financial institutions often set calling policies based on the risk levels of the customer. For instance, a customer with an excellent credit card payment history requires minimal calls. The bank can then mandate that such a low-risk customer is called only once a month.
However, a customer who has missed the last bill, despite running a large one, is at a higher risk. This risk level can be used to decide the attempt intensity of calls for this segment of customers.
This approach ensures companies avoid excessively contacting low-risk customers and the potential risks of appearing to harass them.
Benefits of Centrally Managed & Monitored Outgoing Calls
A real-time and centralized approach to permitting outgoing calls is not only a solution to customer irritation but also a strategic move to enhance customer relationships, minimize financial losses, and maintain a positive reputation. By respecting customers’ preferences and complying with regulations, financial institutions can create a win-win situation for both them and their valued customers through:
- Enhanced Customer Satisfaction: Customers feel valued when their preferences are respected, leading to higher satisfaction levels.
- Cost Savings: The bank can reduce marketing expenses by targeting only those customers who are interested in specific products or services, thereby increasing the efficiency of marketing campaigns.
- Legal and Regulatory Compliance: By ensuring compliance with NDNC regulations, the bank avoids potential legal penalties and maintains a positive brand image.
- Reduced Churn: Implementing this system can significantly reduce the likelihood of customers leaving the bank due to excessive calls, as experienced by Mr. Ramesh.
The Role of Technology in Company-Wide Responsible Outreach
To effectively manage responsible outreach and potential compliance mandates, financial institutions and their contact centers need to move towards technology solutions that can help in:
1. Enforcing Outgoing Call Limits: Automated systems can enforce limits on outreach attempts – across campaigns and departments. This ensures that the bank’s communication practices align with their internal or external guidelines for minimizing risk and customer contact.
2. Monitoring and Reporting: Technology enables real-time monitoring of outreach attempts and provides detailed reports, making it easier for administrators to track compliance to the guidelines, and their impact on customer behavior.
Assertion® SecureVoice™ for Responsible Outreach and Better Contact Center Operations
Responsible outreach is the key to ensuring a positive customer experience and upholding the institution’s reputation.
The integration of Assertion® SecureVoice™ into the outbound calling process offers several significant benefits to financial institutions:
- Improved Customer Experience: Responsible outreach ensures that customers are not bombarded with excessive calls, leading to a more positive experience when interacting with the financial institution.
- Enhanced Efficiency: Assertion® SecureVoice™’s automated decision-making process streamlines outbound calling by eliminating calls that don’t align with outreach guidelines, allowing agents to focus on more productive interactions.
- Reputation Management: By avoiding overcalling, financial institutions can protect their reputation and maintain a positive image in the eyes of their customers.
- Regulatory Compliance: Assertion® SecureVoice™ helps financial institutions adhere to regulatory requirements governing outbound communications, reducing the risk of compliance violations.
Try Assertion® SecureVoice™ for Improved Outbound Calling Operations
With Assertion® SecureVoice™, you can ensure seamless implementation of your responsible outreach initiatives across campaigns and departments. You can streamline your outbound calling operations by eliminating calls that don’t align with your customer calling guidelines.
The result: empowered agents who can focus on more productive interactions and an improved relationship and reputation with your customers.
There’s a lot more Assertion® SecureVoice™ can do for your enterprise and contact center, such as
- Optimized call pacing for a direct impact on business results
- Centralized call blocking for unauthorized outgoing and suspicious incoming calls
- Operational insights such as traffic analysis to detect dips in call volumes
- Security insights into any targeted attack activity on your contact center, and more.
- Operational and security insights through the detection of call volume changes, signs of targeted attack activity on your contact center, and more.
By leveraging the power of AI and analyzing call patterns, durations, and behavior, you can do better business, while prioritizing customer experience.
Talk to us to know how Assertion® SecureVoice™ can help improve the efficiency, productivity, and security of your voice setup.